Hammered by budget cuts, the NYPD will field its smallest force by the middle of next year than at any time since 1992 — raising fears that, with fewer cops on the beat, a resurgence of crime could return to the city.

The city’s Independent Budget Office projected yesterday that by June 30, 2012, the Police Department will have shrunk to 34,413 uniformed personnel, a record low since the 34,825 that were on the force on that same date 20 years ago when crime rates in the city were near epic highs.

NYPD spokesman Paul Browne said its own projection is actually lower — 34,060.

“Crime statistics show there is a breaking point, and we’re at it,” declared City Councilman Peter Vallone Jr., chairman of the council’s Public Safety Committee. “We can’t absorb any more public safety cuts.”

The Queens Democrat described the latest figures as worrisome. Vallone said that when he goes to community meetings these days, people complain that they no longer see police on the beat or on bicycles.

“If every community has noticed that, you can be sure the criminals have noticed,” he argued.

NYPD manpower typically increases every July 1, the start of the fiscal year, when new recruits come on the job.

But this week, Police Commissioner Ray Kelly raised doubts whether he’d be able to maintain the schedule this year because of a new round of citywide budget cuts that will require the NYPD to come up with an extra $101.4 million in savings from its $4.5 billion budget.

The force is supposed to reach 35,367 on July 1, 2012.

But that depends on Kelly being able to hire 540 recruits next month, 900 in July and 630 in January.

Adding to the uncertainty are plans to cut 350 civilian positions to save $30 million in 2012. The IBO said that would likely impact patrol strength.

“The Police Department acknowledged in September 2010 that there were already 621 ‘full-duty’ police officers performing tasks that could instead be performed by less costly civilian personnel,” the IBO noted.

Spokesman Browne pointed out that the NYPD has managed to drive down crime and keep murders under 600 since 2002 despite operating with nearly 6,000 fewer officers than at the peak of 40,800 in 2001.

One analyst said the NYPD’s impressive success actually works against it at budget time, since “it’s not really clear what the decrease in size means in terms of public safety.”

The IBO further reported the Fire Department will have 10,282 uniformed personnel on June 30, 2012, down from 10,911 this year, and the lowest level since at least 1980, when the IBO first started tracking the numbers.

But that reduction in firefighters will happen only if Mayor Bloomberg follows through with a controversial plan to shut 20 engine companies to save $41 million.

Who ya gonna call?

Looming budget cuts could put the number of city cops at their lowest level since 1992, and mean drastic FDNY company closures, as well.

* Only 34,413 cops on the payroll in 2012 — lowest projected total in 20 years (40,800 in 2001).

* 10,282 firefighters in 2012 — lowest projected total in 30 years (11,374 in 1980).